Recent Commentary

MMA Muni Outlook, March 2012

Market Summary

MARCH MUNICIPAL PERFORMANCE CONSISTENT WITH PAST

MMA’s municipal price index lost more than -2% in March, the weakest performance in March since 2002. The rise in yields was accompanied by similar weakness in the broader interest rate market as US and global economic conditions improved (defined by rising equity indices and constructive comments from Federal Reserve officials) and a predominantly negative municipal price trend as defined by MMA’s index. The municipal price trend returned to a positive condition on March 21, but at month-end the momentum was static ahead of the adverse seasonal period of early April.